Typically, during a trader's day, the trader not only performs trades, but also considers factors such as risk factors, profit and loss statements, client value, etc. During a typical trading day, a trader may want to sign off on risk numbers, share an idea with sales, or obtain news regarding ongoing trading projects. Currently, in order to consider these factors or perform these tasks, traders are required to access multiple internal and/or external systems or sources to locate the required information. In some instances, traders may be required to log into and out of the same system multiple times during a day of trading. The number of systems may vary from a few systems to several dozen systems or more. The time and inconvenience to the trader due to the necessity for repeatedly accessing multiple systems may greatly hinder daily efficiency.
With advances in software and available online resources, an increasing number of trader tasks are performed electronically through the use of a trader's computer. In fact, even the trading itself is often conducted electronically through a virtual marketplace. Many investment firms on both the buy and sell side are increasing their investment in systems and technology for electronic trading. Traders are increasingly relying on electronically transmitted information to analyze market conditions and execute orders.
Participants in electronic financial markets typically include hedge funds, pension funds, mutual funds and other institutional traders. Through electronic financial markets, these traders are able to make decisions to initiate orders based on electronically received information that in some instances may be available electronically before it is available to human traders. Furthermore, electronic trading facilitates division of large trades into multiple smaller trades in order to manage cost and risk.
Traders may find algorithms and other tools offered by different brokers that are useful for specific situations in accordance with objectives of portfolio managers. Objectives may include making a predetermined purchase, minimizing timing risk, minimizing market risk, a combination of these objectives, or other objectives. Traders, in order to accomplish pre-defined objectives, aim to access multiple different tools and resources that are electronically available. Furthermore, aside from making trades, traders may require access to organizational information. For example, traders may need to locate personnel within the organization, locate a meeting room, or determine a co-worker's schedule, or perform other tasks related to the trader's daily business, but outside of the scope of performing actual trades.
Currently, in order to perform tasks necessary during a trading day, traders are required to access multiple internal and/or external systems to locate the required information. In some instances, traders may be required to log into and out of the same systems multiple times during a day of trading, thus creating impediments to performing efficiently.
One solution to the problem of accessing disparate resources for separate tasks is to create a single system having all of the functionality of the multiple disparate systems combined into one system. However, attempts at creating such integrated systems generally result in systems that fall far short of the capabilities provided by the multiple disparate resources. Furthermore, such integrated systems are generally costly both to create and to maintain.
A solution is needed that simplifies trader workflow by allowing traders to use these multiple disparate systems without repeatedly switching between systems and logging into and out of various servers and systems.